In Brief:
- Jack Dorsey, has announced the project TBD to create a decentralised exchange (DEX).
- TBD allows developers to build decentralised, open-source financial applications focused on bitcoin.
- Mike Brock is leading the TBD project.
Square, the American financial services and digital payments company’s, CEO Jack Dorsey announced plans for the development of a decentralized bitcoin exchange.
Last month he announced the project, TBD. This will focus on the development of decentralized, permissionless, and non-custodial open-source financial applications, with a focus on bitcoin.
TBD, plans to build a fully permissionless and decentralized exchange based on Bitcoin, for exchanging fiat currency for BTC.
According to Dorsey and Mike Brock, the CashApp executive in charge of the endeavour, the project has a defined roadmap: a decentralized exchange.
Brock stated in a tweet thread that “We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized, our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing.”
Brock also mentioned that the specific design concepts for this platform aren’t fully removed, pointing to Rootstock, a Bitcoin sidechain. “However, the gaps required to construct this may be too great, prompting us to examine alternative links as a bridge,” he continued.
There’s no news on when Square will release TBD. But now we know what Square is working on.
